Foreign Institutional Investors (FIIs) exhibited a Bullish Stance in the Bank Nifty Index Futures market by Buying 24848 contracts with a total value of 1888 crores. This activity led to a decrease of 15348 contracts in the Net Open Interest.
Bank Nifty has formed two consecutive inside bar patterns, with the price hovering near its 200 DMA. For bulls, reclaiming the 50,194 level (November 7 low) is crucial to signal the end of the ongoing downtrend.
Tomorrow brings significant astrological events, including Mercury Declination and Mercury Opposition Jupiter. Historically, these events have been associated with trend changes, as discussed in the video below. They are likely to introduce heightened volatility and directional moves in the market.
Intraday traders should focus on the first 15 minutes’ high and low to capture tomorrow’s trend.
Additionally, with Wednesday being a trading holiday, traders are advised to manage their risk carefully and take overnight positions with proper hedging strategies.
Nifty rallied as expected, but the Gann level of 50875 proved to be a hurdle for the bulls. The high made was 50983 , after which we saw a significant decline in the last 30 minutes. Since yesterday was the final day of the weekly expiry, FIIs likely exited the remaining positions they had bought to manage the weekly expiry.
Tomorrow, we have two important events: Sun Ingress and Bayer Rule 15: Venus Heliocentric Latitude at Extreme and Least Speeds for Major Moves, the significance of which is discussed in the video below. These events could result in heightened volatility.
For intraday traders, the first 15 minutes’ high and low will be critical to capture the trend for the day. Bulls need to break above 50653 to trigger an explosive upmove toward 51000. PSU Bank and ICICI and HDFC should be kept on the radar for potential movement.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 50798 for a move towards 51021/51244/51468/51691.Bears will get active below 50574 for a move towards 50351/50127/49904.
Traders may watch out for potential intraday reversals at 10:23,11:52,12:22,01:45,02:25 How to Find and Trade Intraday Reversal Times
Bank Nifty November Futures Open Interest Volume stood at 26.8 lakh, with liquidation of 1.5 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a covering of SHORT positions today.
Bank Nifty Advance Decline Ratio at 06:06 and Bank Nifty Rollover Cost is @52026 closed below it.
Bank Nifty Gann Monthly Trade level :51617 closed below it.
Bank Nifty closed below its 100 SMA @51367 Trend is Sell on Rise till below 50653 . 200 SMA @49757
Traders who follow the musical octave trading path may find valuable insights in predicting Bank Nifty’s movements. According to this path, Bank Nifty may follow a path of 51408-49965-48521. This means that traders can take a position and potentially ride the move as Bank Nifty moves through these levels. Of course, it’s important to keep in mind that trading is inherently risky and market movements can be unpredictable.
According to the Bank Nifty options chain, the call side has the highest open interest (OI) at the 50500 strike, followed by the 51000 strike. On the put side, the 50000 strike has the highest OI, followed by the 49500 strike.This indicates that market participants anticipate Bank Nifty to stay within the 50500-51500 range.
The Bank Nifty options chain shows that the maximum pain point is at 50500 and the put-call ratio (PCR) is at 0.72. Typically, when the PCR open interest ranges between 0.90 and 1.05, the market tends to remain range-bound. PCR is on extreme end suggesting we can see sharp reversal .
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For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 50805 . Going Long Or Short Above Or Below This Level Can Help Them Stay On The Same Side As Institutions, With A Higher Risk-reward Ratio. Intraday Traders Can Keep An Eye On 50764, Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 50729 Tgt 50900, 51050 and 51225 ( BANK Nifty Spot Levels)
Sell Below 50656 Tgt 50512, 50385 and 50225 (BANK Nifty Spot Levels)
Wishing you good health and trading success as always.As always, prioritize your health and trade with caution.
As always, it’s essential to closely monitor market movements and make informed decisions based on a well-thought-out trading plan and risk management strategy. Market conditions can change rapidly, and it’s crucial to be adaptable and cautious in your approach.